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MarketScreener Homepage  >  Equities  >  Euronext Lisbonne  >  EDP - Energias de Portugal, S.A.    EDP   PTEDP0AM0009

EDP - ENERGIAS DE PORTUGAL, S.A.

(EDP)
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Portugal's EDP to buy Spain's Viesgo in deal worth two billion euros

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07/15/2020 | 03:42pm EDT

Portugal's largest utility EDP said on Wednesday it had agreed to buy Spanish electricity company Viesgo from Macquarie funds in a deal worth 2 billion euros including debt.

In a statement, EDP said it would buy Viesgo for a net equity investment of 900 million euros, and the deal, which will more than double EDP's presence in electricity distribution in Spain, would be financed through a rights issue worth just over 1 billion euros.

Although global M&A activity tumbled to its lowest level in more than a decade in the second quarter as many firms gave up on expansion plans in the wake of the coronavirus outbreak, the slump has been somewhat lighter in Europe and some dealmakers have seen a gradual pick-up as companies adapt to a post-coronavirus reality.

The Viesgo deal is expected to be sealed by the end of the year.

"Viesgo's transaction ... represents a unique investment opportunity for EDP, being fully aligned with its equity story focused on growth in renewables and networks," said EDP's interim chief executive, Miguel Stilwell d'Andrade.

The transaction, which puts Viesgo's enterprise value at 2.7 billion euros, will result in EDP consolidating Viesgo's existing net financial debt of 1.1 billion euros.

EDP and Macquarie Infrastructure and Real Assets (MIRA) also agreed to establish a long-term electricity distribution partnership in Spain, and under the terms of the deal MIRA will own a 24.9% stake in EDP's Spanish electricity distribution unit ERedes and in Viesgo's electricity distribution units.

MIRA will invest 700 million euros including debt and equity.

As part of the deal, EDP, through its subsidiary EDP Renovaveis, will also acquire 100% of Viesgo's renewables business comprising 24 wind farms and two mini-hydropower plants for an enterprise value of 565 million euros.

(Reporting by Catarina Demony and Sergio Goncalves, Editing by Andrei Khalip)


Stocks mentioned in the article
ChangeLast1st jan.
EDP - ENERGIAS DE PORTUGAL, S.A. -0.12% 4.315 Delayed Quote.14.39%
MACQUARIE GROUP LIMITED -0.94% 135.17 End-of-day quote.-1.94%
MACQUARIE INFRASTRUCTURE CORPORATION -0.95% 26.73 Delayed Quote.-37.07%
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Financials
Sales 2020 13 035 M 15 409 M 15 409 M
Net income 2020 771 M 911 M 911 M
Net Debt 2020 13 157 M 15 553 M 15 553 M
P/E ratio 2020 21,6x
Yield 2020 4,40%
Capitalization 17 041 M 20 138 M 20 143 M
EV / Sales 2020 2,32x
EV / Sales 2021 2,24x
Nbr of Employees 11 620
Free-Float 70,8%
Chart EDP - ENERGIAS DE PORTUGAL, S.A.
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EDP - Energias de Portugal, S.A. Technical Analysis Chart | MarketScreener
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Technical analysis trends EDP - ENERGIAS DE PORTUGAL, S.A.
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 4,79 €
Last Close Price 4,32 €
Spread / Highest target 35,4%
Spread / Average Target 11,0%
Spread / Lowest Target -23,6%
EPS Revisions
Managers
NameTitle
Miguel Stilwell de Andrade Chief Executive Officer & Chief Financial Officer
LuŪs Filipe Marques Amado Chairman-Supervisory Board
Eduardo de Almeida Catroga Member-Supervisory Board
Felipe FernŠndez Member-Supervisory Board
Maria Celeste Ferreira Lopes Cardona Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
EDP - ENERGIAS DE PORTUGAL, S.A.14.39%20 138
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